Vancouver, British Columbia–(Newsfile Corp. – July 5, 2021) – Great Atlantic Resources (TSXV: GR) (FSE: PH02) has signed a contract for its 2021 diamond drill program at its Golden Promise Gold property in Central Newfoundland. The 100% owned Golden Promise Property is one of the company's eight properties, which cover an area of 25,700 hectares, located within the central Newfoundland gold belt. The company has engaged Rally Drilling Services for the phase 2 diamond drill program.
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The company plans to begin the 33 drill holes at the Jaclyn Zone to be followed by up to 12 drill holes at the Otter Brook showing.
The Jaclyn Zone, located within the northern region of the Golden Promise Property, hosts five gold bearing quartz veins systems, being the Jaclyn Main, Jaclyn North, Jaclyn South, Jaclyn East and Jaclyn West Zones. The drilling at the Jaclyn Zone includes 15 drill holes at the Jaclyn Main Zone and 18 drill holes at the Jaclyn North Zone, totalling approximately 5,000 metres.
This includes in-fill drill holes within different part of the Jaclyn Main Zone, the objective to provide further definition of the zone and provide information for an updated resource calculation. Most of these holes are planned within the central to west region of the zone, testing above 200 metres vertical depth. Two holes are planned in the east part of the Jaclyn Main Zone to test the zone at 200 to 350 metres vertical depth.
Great Atlantic confirmed high-grade gold at the Jaclyn Main Zone during 2019 drilling, including near surface intercepts of 113.07 grams per tonne gold over 0.55 metres and 61.35 grams per tonne gold over 2.04 metres, and 15.8 grams per tonne gold over 2.70 metres, plus an interval of multiple gold bearing veins in one drill hole averaging 2.30 grams per tonne gold over 25.25 metres.
The planned drilling at the Jaclyn North Zone will further test the area east of historic drill holes including the area of an approximate 300-metre long zone of gold-bearing quartz vein boulders. Three drill holes completed by the company during 2020 in this area intersected gold bearing quartz veins and extended the Jaclyn North quartz vein system approximately 260 metres east of historic drilling.
The company collected gold bearing quartz boulder samples in this area during 2017, including samples returning 163, 208 and 332 grams per tonne and again in 2020 including samples returning 17.4, 26.7 and 157.6 grams per tonne gold.
The company reported a NI 43-101 compliant inferred resource estimate during late 2018 for the Jaclyn Main Zone of 357,000 tonnes at 10.4 grams per tonne gold for 119,000 ounces uncapped. Because part of the vein is near surface, the resource estimate was constrained by a conceptual open pit to demonstrate reasonable prospects of eventual economic extraction. Generic mining costs of US$2.50 per tonne and processing costs of US$25.00 per tonne were used together with a gold price of US$1,300 per ounce. All resources were classified as inferred because of the relatively wide spacing of drill holes through most of the zone.
Great Atlantic is also planning diamond drilling at the Otter Brook gold showing, located in the east region of the Golden Promise Property, where the company confirmed gold mineralization during 2020.
Eight of 11 rock samples, both float and outcrop, collected at this showing during 2020 exceeded 0.7 g/t gold including an outcrop grab sample returning 5.7 g/t gold. Great Atlantic has applied for a diamond drilling permit for up to 12 drill holes at this showing with holes planned under gold bearing outcrop and along the projected strike of the zone.
The Golden Promise Property is located within a region of recent significant gold discoveries. The property is located within the Exploits Subzone of the Newfoundland Dunnage Zone. Within the Exploits Subzone, the property lies along the north-northwestern fringe of the Victoria Lake Supergroup, a volcano-sedimentary terrane. Recent significant gold discoveries within the Exploits Subzone include those of Marathon Gold Corp. at the Valentine Gold Project, Sokoman Minerals Corp. at the Moosehead Gold Project and New Found Gold Corp. at the Queensway Project.
Viewers are warned that mineralization at the Valentine Gold Project, the Moosehead Gold Project, the Queensway Project, and elsewhere within the Exploits Subzone is not necessarily indicative of mineralization on the company's Golden Promise Property.
Great Atlantic, with a number of properties in the Atlantic provinces, is utilizing a Project Generation model, with a special focus on critical elements which are prominent in Atlantic Canada, such as Antimony, Tungsten and Gold.
For more information, please visit the company's website www.GreatAtlanticResources.com, contact Christopher R. Anderson, President & CEO, at 604-488-3900 or email office@GreatAtlanticResources.com. For Investor Relations contact Andrew Job at 416-628-1560 or IR@GreatAtlanticResources.com.
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